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MIIT Develops Ways to Accelerate Adoption of Blockchain in China

China’s IT Ministry proposes strategy for boosting blockchain development

От August 9, 2018, Chinese Ministry of Industry and Information Technology (MIIT) informed that it is studying ways to speed up adoption of blockchain technology.

According to the publication in Xinhua – Chinese news agency – the MIIT aim at “healthy and orderly development” of blockchain industry in China. The MIIT considers blockchain industry to be in its initial stage in the country at the moment, and it will propose a set of measures to accelerate advancement of blockchain technology very soon.

The IT ministry reported about its plans to stimulate use of blockchain applications not only in the banking and financial industry, but also in electronic depository transfers, supply chain management, Internet of Things (IoT), and so on.

The deputy director of the IT ministry has said that China must now develop blockchain applications on an industrial scale and boost its adoption in every sector of economy and society. He appealed to the country to unite in speeding up the promotion of blockchain.

In May 2018, the MIIT noted that the blockchain industry in China has showed exponential growth in 2017. That year, the number of blockchain-oriented projects exceeded 450. At the beginning of 2018, the MIIT published results of the research that showed the average longevity of blockchain projects to be a little longer than 1 year. Moreover, the China Academy of Information and Communications Technology (CAICT) revealed that only 8% of blockchain projects ever launched are still alive.